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Blossom Ice Fishing Limited purchased ice fishing huts on December 1,2023, for $123,000 cash. At...

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Accounting

Blossom Ice Fishing Limited purchased ice fishing huts on December 1,2023, for $123,000 cash. At that time, the huts were estimated to have a useful life of 10 years and a residual value of $25,000. The huts were disposed of on July 31,2026. Blossom uses the double-diminishing-balance method at two times the straight-line depreciation rate, has a March 31 year end, and makes adjusting entries annually.
They were sold for $84,200.
They were sold for $44,200.
They were retired for no proceeds.
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